Modern day definition of luxury is synonymous to experience

In the current age, all that evokes a deep-rooted sense of worth, experiential recourse and meaningful connections is luxury. When Victorinox introduced their line of watches in 1989, owning luxury products was an indicator of status symbol and buying power. Victorinox followed the Luxury module of business, exercising complete control over production, distribution and retail. However, today millennials associate luxury with simplicity, personalization, functionality and transparency amalgamated with effortless style.

So luxury timepiece manufacturers need to understand that the newer generation of watch-buyers is not on the lookout for “old school luxury”. Bearing this in mind, Victorinox continued evolving its watch offerings through time to meet the needs of an aspirant buyer. The Swiss brand’s watch collection is wide ranging -from streamlined and sleek, to tough and rugged with a distinctive, sharp aesthetic. Swiss Watches have always watches epitomized the essence of contemporary luxury, and a trust that it gave to its owners.

And while the perception of luxury may have reformed, the essence of it remains the same – it should make us feel special. Sometimes, an experiential offer or a personalized service does that for you, and sometimes having your need fulfilled does.

Today, luxury product buyers have a new confidence, new knowledge and new access to sensitive information. Additionally, studies claim that most luxury consumers are now looking for ‘these enriched experiences’ over product. And a new and growing experiential luxury movement is tapping into this. People are seeking new ways to take time out, slow down, contemplate and appreciate.

Looking into the definition of modern luxury, with a particular focus on the meaning of the word for Millennial consumers, and how prestigious analog watch brands can leverage digital to appeal to a tech savvy generation of modern luxury consumers.

Modern luxury consumers are indeed spoilt for choice these days. But if anything has become irrelevant, it’s the appeal for “old-school luxury” watch brands rather than the analog movements themselves.

Luxury watches mirror a longing for simpler timesThe conversation usually spins around digital novelty when it comes to Generation Y. However, as digitally-embedded as they are, Millennials are also increasingly searching for chances to unplug and enjoy simple experiences. That’s where analog watches come in. It’s a tangible reminder of simpler times. In this case, simplicity equates to checking the time without being exposed to numerous emails, texts, and social media notifications on their phone.

Customization is a significant feature of luxuryModern luxury for the luxury watch industry also seems to revolve around customization, which comes as no surprise given the unique propensity of Millennials towards self-expression. As a matter of fact, research shows Millennials directly use terms such as “personalized” and “fun” to describe luxury.

As we look into the future, it will increasingly be about how we connect with the idea of luxury in its many forms and how luxury presents new ideas to us in a more open, honest and visible exchange. These new luxuries will embrace more intimate and personal connections, spiritual and transformative experiences or ethical and emotional learning that reaches new depths. I also see a visible change in the mindset of Swiss Watch Companies embrace the Gen Z through its array of relevant products and enhanced sales experiences.